The Trifecta: Tax Planner, Financial Planner & Estate Planning Attorney

Tax planning, financial planning, and estate planning are intricately connected. Making a decision about your finances or estate planning without considering tax implications, and vice versa, can end up triggering severe problems. On the other hand, when this professional planning trifecta works together, clients can not only avoid issues but realize significant financial benefits. With an integrated strategy in place, you can maximize the wealth you are able to pass on through your estate planning and minimize the amount you pass over to the government in taxes.

Tax Planner
Numerous people prepare their taxes on their own using one of the online tax preparation software systems. Some, either for convenience or due to complex situations, use an accountant. Still others use a tax planner. Like an accountant, a tax planner—also called a tax advisor—can prepare your taxes for you. But a tax planner goes one step further, offering a proactive approach to taxes. A tax planner’s goal is to help you work ahead of tax preparation season by preparing and implementing a tax planning strategy so that you can minimize your tax liability.

Financial Planner
A financial planner helps you define your financial goals and then helps devise a plan to reach them. Many significant milestones—such as purchasing a home, sending children to college, and retiring—begin as financial goals that are designed with a financial planner.

Estate Planning Attorney
Finally, there is the estate planning attorney. The estate planning attorney helps to coordinate your team and makes sure that the correct legal documents are in place. They ensure that the plan works as you intended. An estate planning attorney collaborates with you to understand your personal situation—your assets, your family, and how you would like to pass on your wealth. A comprehensive estate plan usually includes a will or trust, a financial power of attorney, a healthcare power of attorney, a living will, and a HIPAA as well as other important legal and organizational documents. Effective estate planning strategies minimize estate tax as much as possible, avoid the probate process, contemplate and address your potential incapacity, and provide asset protection through legacy planning for you loved ones, both during your lifetime and after your passing.

Better Together
Individually, these planning professionals provide important services. When their knowledge and experience are combined into a single strategy, the impact is incredibly significant.

Work with a Virginia Estate Planning Attorney
In creating your estate plan, we are happy to work with your financial and tax planners to ensure the best possible outcome. Contact Wilson Law PLC today at 866-603-5976 to set up a meeting or fill out our contact form and we will call you to schedule your meeting.